Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as 'hysteresis,' argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and...

Financial crisis origin -- Banking sector stress tests: United States versus the European Union -- Is the U.S. economy on the mend? -- Global recovery prospects: North America and Europe, Asia, and South America -- Hedge funds and derivatives, credit default swaps, and rating agencies -- U.S....

Using the same presentation and detail that has earned her such wide-ranging acclaim for her previous books, Padma Desai explains in a course-friendly way the complexities of economic policy and financial reform. She merges a compelling narrative with scholarly research to teach and to engage...